Burnaby man lost investors of around $ 500,000 while working as unregistered advisor, BCSC says

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VANCOUVER – The British Columbia securities regulator will hold a hearing to seek disciplinary orders against a Burnaby man who he said was not authorized to act as a financial advisor when he carried out transactions for five clients, resulting in losses of more than half a million dollars. The British Columbia Securities Commission alleges that Shijun “Clark” Zhu took on the five investors as clients in 2016, although she was not registered for this purpose under the province’s Securities Act.

Zhu’s agreements with clients gave him discretion over accounts worth a total of US $ 527,330, the BCSC said in a press release.

The commission says that Zhu “made frequent trades” for the five investors, hoping to gain some of the profits from successful trading.

Zhu earned nearly US $ 30,000 in commissions on the trades he executed, despite losing “almost all investor funds” by 2018, according to the BCSC.

While it was registered to sell scholarship plans in 2011 and mutual funds in 2011 and 2012, Zhu was not registered under the Securities Act in any capacity. between 2016 and 2018, according to the BCSC.

The commission’s allegations have not been proven. The commission will set a hearing date for the allegations in September.

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